Federated Hermes Inc. Boosts Stock Position in Procore Technologies, Inc. (NYSE:PCOR)

Key Points

• Federated Hermes Inc. increased its stake in Procore Technologies by 24.8%, owning about 0.17% of the company worth $17.17 million as of its latest SEC filing.
• Several major hedge funds significantly raised their holdings in Procore Technologies during the fourth quarter, with Capital World Investors increasing its ownership by 453.6%, now holding shares valued at $233.7 million.
• Analyst ratings for Procore Technologies are generally positive, with a consensus rating of “Moderate Buy” and an average target price of approximately $80.94, despite recent price target reductions from various brokerages.

Federated Hermes Inc. increased its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 24.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 260,114 shares of the company's stock after acquiring an additional 51,652 shares during the period. Federated Hermes Inc. owned about 0.17% of Procore Technologies worth $17,173,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Norden Group LLC bought a new stake in Procore Technologies during the 1st quarter worth $232,000. LPL Financial LLC grew its position in Procore Technologies by 16.0% during the 1st quarter. LPL Financial LLC now owns 27,142 shares of the company's stock worth $1,792,000 after acquiring an additional 3,743 shares during the last quarter. Allen Investment Management LLC grew its position in Procore Technologies by 7.3% during the 1st quarter. Allen Investment Management LLC now owns 5,133 shares of the company's stock worth $339,000 after acquiring an additional 348 shares during the last quarter. Assetmark Inc. grew its position in Procore Technologies by 1.1% during the 1st quarter. Assetmark Inc. now owns 84,249 shares of the company's stock worth $5,562,000 after acquiring an additional 897 shares during the last quarter. Finally, Cetera Investment Advisers grew its position in Procore Technologies by 8.5% during the 1st quarter. Cetera Investment Advisers now owns 37,843 shares of the company's stock worth $2,498,000 after acquiring an additional 2,972 shares during the last quarter. Institutional investors own 81.10% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PCOR. BMO Capital Markets boosted their price objective on Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a research report on Friday. Arete started coverage on Procore Technologies in a research report on Monday, June 16th. They issued a "buy" rating and a $91.00 price target on the stock. Mizuho upped their price target on Procore Technologies from $65.00 to $70.00 and gave the company a "neutral" rating in a research report on Friday. Robert W. Baird upped their price target on Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Finally, Scotiabank reduced their price target on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating on the stock in a research report on Thursday, April 24th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Procore Technologies has an average rating of "Moderate Buy" and a consensus target price of $82.50.

Procore Technologies Stock Down 13.4%

PCOR stock traded down $9.57 during trading on Friday, reaching $62.06. 7,116,339 shares of the stock were exchanged, compared to its average volume of 1,344,716. The firm's 50 day moving average is $69.66 and its 200 day moving average is $70.22. Procore Technologies, Inc. has a twelve month low of $49.46 and a twelve month high of $88.92. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.02. The firm has a market cap of $9.26 billion, a P/E ratio of -64.65 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.11. The firm had revenue of $323.92 million during the quarter, compared to analyst estimates of $311.91 million. Procore Technologies had a negative return on equity of 7.61% and a negative net margin of 11.58%. The company's revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 EPS. As a group, research analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Insider Activity

In other Procore Technologies news, insider Benjamin C. Singer sold 1,390 shares of the business's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $75.00, for a total transaction of $104,250.00. Following the completion of the sale, the insider directly owned 96,167 shares of the company's stock, valued at approximately $7,212,525. The trade was a 1.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Connor Kevin J. O sold 8,035 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $72.36, for a total value of $581,412.60. Following the sale, the director directly owned 1,154,097 shares of the company's stock, valued at $83,510,458.92. This represents a 0.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 672,447 shares of company stock worth $43,878,843. Company insiders own 29.00% of the company's stock.

Procore Technologies Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company's platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.